What is value? Value is not always something tangible, and everyone has a different list of priorities as to what is valuable to them.
When it comes to a reverse mortgage there are many valuable benefits to seniors. The ability to remain independent, the ability of not having to worry about a mortgage payment, the ability to have financial independence, and the list goes on.
The only people that can ultimately determine the true value of a reverse mortgage is the senior(s) themselves. I act as a conduit in explaining and educating the senior, showing them the benefit but also understanding their needs, wants, and goals, and determining if this is this is the best product to meet those goals and desires. Sometimes, a reverse mortgage does not make sense and there is not enough value to meet the client's needs.
We (meaning loan officers, professional advisors, family, friends, etc.) need to look at what this type of product can mean to a seniors well being. The benefits and value needs to be reviewed to determine if the value of a financial boost can benefit and make a positive impact in a senior's life which would outweigh the cost. Yes, there are costs involved, and yes the costs are not inexpensive, but what is the cost of not doing anything? The cost of doing nothing can also mean that a higher price can be paid later!
Every service or product that is offered comes with a price and the consumers needs to determine if what they are getting carries a value and a benefit from the product and service offered.
What I would ask is, if you have a senior (homeowner) as a client, parent, family member or friend that is need in need or can benefit from having access to additional funds that they have built up in their homes, I would encourage you to at least explore the use of reverse mortgage and find out how valuable it can be. I think that you will be pleasantly surprised.
If you have any questions please contact me.
Dennis Chanski
866.373.3033
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